Question

The balance sheet of MacMillan Management Consulting, Inc. at December 31, 2013, reported the following stockholders’ equity:


During 2014, MacMillan completed the following selected transactions:
Feb. 6 Declared a 15% stock dividend on common stock. The market value of MacMillan’s stock was $ 26 per share.
15 Distributed the stock dividend.
Jul. 29 Purchased 1,800 shares of treasury stock at $ 26 per share.
Nov. 27 Declared a $ 0.30 per share cash dividend on the common stock outstanding.

Requirements
1. Record the transactions in the general journal.
2. Prepare a retained earnings statement for the year ended December 31, 2014. Assume MacMillan’s net income for the year was $ 82,000.
3. Prepare the stockholders’ equity section of the balance sheet at December 31,2014.


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  • CreatedJanuary 16, 2015
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